8 January 2013
In the first Tax highlights issue for 2013 we feature:
- Post-implementation review of Division 7A: The Board of Taxation has released a discussion paper and invited submissions as part of its review of the private company deemed dividend rules in Division 7A of Part III of the Income Tax Assessment Act 1936
- Exposure draft legislation – SMSF related party transactions: ED legislation has been released proposing that certain transactions between self-managed superannuation funds and related parties must be conducted through an underlying market where one exists, or alternatively supported by valuation
- Recent cases – payment into executive share trust in substitution of bonus entitlements assessable: On appeal, the Full Federal Court has upheld a decision of the Federal Court that a payment made by the taxpayer’s employer to an executive share trust was assessable to the taxpayer as ordinary income.
Plus we provide our synopsis of the latest legislative developments, cases, announcements, and ATO information and releases.